Monday, April 12, 2010

HUD Redefines

  • Okay this is really stupid. HUD changing the definition of things will just confuse the public more. It is now calling a property behind on payments as "Foreclosed". The word, with the "ed" suffix implies that the foreclosure has happened. In reality, these properties haven't foreclosed. There hasn't been a foreclosure process yet in place, in fact there are still many months before the foreclosure auction will ever take place, that is if the mortgage loan is never made current. 

    tags: foreclosed, hud

    • Effective immediately, HUD is classifying any property that is at least 60 days behind on the mortgage or the property owner is 90 days or more delinquent on tax payments as a “foreclosed” home.

      In addition, HUD is expanding the definition of an “abandoned” property to include homes where no mortgage or tax payments have been made by the property owner for at least 90 days or a code enforcement inspection has determined that the property is not habitable and the owner has taken no corrective actions within 90 days of notification of the deficiencies.

Posted from Diigo. The rest of my favorite links are here.

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